other lics, page-56

As with managed funds, historical performance of stocks is frequently a less-than-perfect indicator of future performance. So DUI's superior track record doesn't mean that it is necessarily the best LIC to buy now: it certainly may be the best of the LICs at present, but this can't be concluded from its historical outperformance alone.

I don't hold DUI or AUI but hope to buy some in the future: they are slightly geared (unlike ARG) so should theoretically outperform in bull markets and underperform in bear markets.

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In other news, those who received Milton's annual report this week would have no doubt been pleased, as I was, by its usual, simple, low-budget format, sans photographs of the directors. If only all companies took their lead in not wasting shareholders' equity...